By Joshua Kirby

Spanish energy firm Iberdrola said Wednesday that it has reached an agreement to sell just under half of an offshore wind farm in Germany to Masdar Baltic Eagle Germany, a subsidiary of Abu Dhabi Future Energy Company, for around 375 million euros ($414.6 million.)

The deal requries the buyer, also known as Masdar, to contribute to the building costs of the Baltic Eagle wind farm, which is still under construction, Iberdrola said. The deal for a 49% stake in the 350-megawatt project gives it an enterprise value of some EUR1.63 billion following completion, Iberdrola said.

The deal is subject to approval from German antitrust authorities, the company said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

July 26, 2023 02:03 ET (06:03 GMT)

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